Swatch Shareholders Reject Steven Wood Board Bid by 79.6%, Preserving Hayek Family Control
Updated
Updated · Bloomberg · May 12
Swatch Shareholders Reject Steven Wood Board Bid by 79.6%, Preserving Hayek Family Control
4 articles · Updated · Bloomberg · May 12
79.6% of Swatch shareholders voted against Steven Wood’s bid for a board seat at Tuesday’s annual general meeting, defeating the US activist investor for a second straight year.
Wood, founder of Greenwood Investors, had argued Swatch needed change to revive its fortunes and reduce the Hayek family’s grip on the Swiss watchmaker.
The result reinforces the Hayek family’s control over Swatch and blunts the latest attempt to shake up the company’s governance.
Why did most independent shareholders back an activist investor, despite the Hayek family's overwhelming board victory?
Can Swatch's high profit forecasts last if its family governance continues to alienate modern investors?
Is Swatch's first independent director in 16 years a true reform or a tactic to silence critics?